Outlook Remains Gloomy for Major Carriers, MoffettNathanson Says
With stock prices for major telecom companies down 17 percent this year, MoffettNathanson Tuesday said it's upgrading it's rating on AT&T from sell to neutral. The analyst firm is maintaining a buy rating on Verizon, neutral on T-Mobile and sell…
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on Sprint. Analyst Craig Moffett said in a research report that AT&T probably has found a floor and his outlook is now “less bearish” rather than more positive. “Certainly, there are few positive signs to which to point,” Moffett wrote. “Competitive intensity may have ebbed a little … but only a little; in fact, just last week, after talking about pulling back, both Sprint and T-Mobile launched yet another round of aggressive promotions. And things will likely only get worse when the next iPhone comes to market this fall. Meanwhile, Verizon and AT&T are both shrinking at their fastest pace ever; indeed, every one of AT&T’s major business segments is now contracting. Only International, which represents just 5 percent of revenues, is actually growing.”